Mr. Sean McLaren reports

WEST FRASER ANNOUNCES TERM LOAN REFINANCING AND DECLARES DIVIDEND

West Fraser Timber Co. Ltd. has entered into a new $500-million three-year term loan, partial proceeds of which will be used to retire its existing $300-million term loan due in 2028. The new term loan matures in September, 2029. The company's $1-billion syndicated credit facility remains outstanding on existing terms and has approximately four years remaining to its May, 2030, maturity. Interest on the term loan facility continues to be payable at floating rates based on U.S. base rate advances or SOFR advances at its option. This loan is repayable at any time, in whole or in part, at its option and without penalty, but cannot be redrawn after payment.

Pro forma for the refinancing, at the end of the second quarter, this would have resulted in a cash balance of $219-million, no draw on its syndicated credit facility, available liquidity (1) of over $1.2-billion and a net debt to capital ratio (1) of 5.4 per cent.

"Entering into a new $500-million term loan strengthens our near-term liquidity position and provides additional financial flexibility," said Sean McLaren, president and chief executive officer, West Fraser. "We appreciate this signal of confidence from our banking partners as we continue to execute our business strategy."

The company has also declared a quarterly dividend of 32 U.S. cents per share on the common shares and Class B common shares in the capital of the company, payable on Oct. 19, 2026, to shareholders of record on Sept. 29, 2026.

Dividends are designated to be eligible dividends pursuant to Subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.

Dividends are declared and payable in U.S. dollars. Shareholders may elect to receive their dividends in Canadian dollars. Details regarding the election procedure are available on its website in the investors/dividends section.

(1) Capital management measures.

About West Fraser Timber Co. Ltd.

West Fraser is a diversified wood product company with more than 50 facilities in Canada, the United States, the United Kingdom and Europe, which promotes sustainable forest practices in its operations. The company produces lumber, engineered wood products (OSB, LVL, MDF, plywood and particleboard), northern bleached softwood kraft pulp, paper, wood chips and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers, and tissue.

We seek Safe Harbor.